New York-based SK Capital Partners said it had signed an asset purchase agreement to buy the business for about $200 million. The transaction is expected to close at the end of 2012 or early 2013.

“Their business is a global business. They provide additives to the plastics and rubber industries,” said Barry Siadat, a managing director at SK Capital Partners, in a telephone interview.

“We will build around it. We see some strong possibilities, especially in antioxidants,” he said.

Siadat said the deal will include six plants, including two in the United States, two in Europe, one in the Middle East and one in Asia. It also includes shared facilities in Canada, Mexico, Brazil, Italy and Taiwan.

The business is a supplier of additives including antioxidants, antiozonants, intermediates and inhibitors, polymer modifiers and UV stabilizers.

Siadat said the business unit’s heritage draws from previous associations with Uniroyal, Great Lakes Chemical Corp and GE Plastics, and that SK Capital estimates it could generate revenues of more than $500 million a year.

He said it will operate as separate business and that a new name will be announced at a later date.

“We believe that the transition from a non-core business within a large public company to a stand-alone organization will enable improved execution and a renewed emphasis on growth. Management has done an excellent job of redefining the businesses’ strategy and successfully repositioning it as a strategic partner and solutions provider to customers.” said SK Capital managing director Jack Norris, in a news release.

“We are excited about teaming with SK Capital to expand and accelerate our growth and innovation initiatives. SK Capital’s track record of successfully completing corporate carve-outs and investing in companies in the polymer and related additives markets will ensure a smooth transition and position us well to realize our long-term strategic objectives,” said Peter Smith, president of the Chemtura antioxidant and IV stabilizer business, in a statement.

SK Capital focuses on companies in the specialty materials, chemicals and healthcare sectors. Its portfolio companies generate revenues of over $3 billion annually and employ more than 3,400.

Latham and Watkins LLP acted as legal counsel to SK Capital.

Chemtura said the deal will simplify its portfolio and the money will be used to repay debt and invest in continued growth.